Business Wire National

October 17, 1985

(BU)AMERICAN TELEPHONE & TELEGRAPH CO. Wednesday reported its third-quarter earnings rose 19.2 percent but still failed to reach the company`s long-range financial goals. Several regional Bells also announced higher third-quarter profits. AT&T earned $378 million, or 33 cents a share, up from $317 million, or 28 cents a share, in the third quarter last year. Revenues increased 11.4 percent to $8.9 billion vs. $8.01 billion. In Atlanta, the BellSouth Corp. said its third-quarter earnings rose more than 15 percent to $386.4 million, or $1.28 a share, from $326 million, or $1.11 a share, the year before. Revenues rose to $2.7 billion from $2.4 billion.

(BU)CONTINENTAL ILLINOIS, the Chicago-based banking company that ranks as the nation`s 12th largest, reported a profit of $35.8 million, or 13 cents a share. For the first nine months of the year, it earned $112.4 million, or 40 cents a share. Its results are not comparable with results a year ago because the company underwent a restructuring on Sept. 26, 1984, in the wake of the largest bank run in history and a $1.16 billion loss in the second quarter of that year. As part of the restructuring, the federal government agreed to provide $4.5 billion in assistance and a group of banks agreed to make additional loans. The government obtained a majority interest in the company and installed new officers. The company is the parent of the nation`s 13th largest bank, Continental Illinois National Bank.

FLORIDA

(BU)NORTHEASTERN INTERNATIONAL AIRWAYS has agreed to sell airport facilities in Fort Lauderdale, Orlando and Islip, N.Y., to New York Air. The agreement for New York Air to purchase these facilities, along with other assets, from Fort Lauderdale-based Northeastern requires approval by the bankruptcy court. Northeastern filed for Chapter 11 protection earlier this year.

(BU)FUTUREWORKS, a computer supermarket that opened with great fanfare and promise last year in downtown Miami, faces a foreclosure suit by California Federal Savings and Loan Association. CalFed wants to recover $7 million in loans and interest from the owner, Downtown Investments Ltd. No payments have been made since April 1, according to the lawsuit. California Federal claims that Downtown Investments has not applied rents and other profits from the project toward payment of the debt as it agreed to do. Miami lawyer Michael Werner, a partner in Downtown Investments, refused comment.

(BU)PROFESSIONAL BANCORP of Dade County on Wednesday bought Security Federal Savings and Loan Association in a transaction that saw the savings and loan convert from a mutual to a stock association, Professional Bancorp Chairman Daniel K. Gill said. Security Federal, with assets of $277 million and eight offices in South Florida, will be operated separately from Professional Savings Bank, a subsidiary of Professional Bancorp, which recently was converted from a national bank to a state-chartered savings bank, he said. Professional Bancorp is a savings and loan holding company operating both federal and state institutions and two mortgage companies.

(BU)CITIZENS & SOUTHERN GEORGIA CORP. of Atlanta said it made a profit for the third quarter ended Sept. 30 of $32.9 million, compare to $27.1 million the same period a year ago. The results include Landmark Banking Corp. of Fort Lauderdale, a $3.8 billion company that C&S acquired on Aug. 30. Previous earnings have been restated to include the acquisition.

(BU)CARNIVAL CRUISE LINES says it will built an $85 million resort hotel in Nassau in the Bahamas. Groundbreaking is scheduled next year. The cruise line now docks its ships at Nassau`s piers six days a week, delivering up to 350,000 passengers a year to the Bahamas, said Carnival chairman Ted Arison. The five-tower Crystal Palace hotel will be built next to the Cable Beach Casino on leased land, and Carnival will pay the Bahamian government $120,000 a year for the lease for 50 years. Carnival took over management of the government owned Cable Beach Casino two years ago.

(BU)FLORIDA EXPRESS INC. of Orlando on Wednesday announced the initial public offering of 1.75 million shares of its common stock at an offering price of $7.50 per share. Of this amount, 1.7 million shares are being sold by the company and the remainder by a selling shareholder. Florida Express is a passenger airline. The money will be used to acquire more aircraft and equipment and for working capital purposes. The underwriting is being led by a syndicate managed by The Robinson-Humphrey Co. Inc.

(BU)THE FLAGLER BANK CORP. of West Palm Beach said Tuesday that it made a profit for the quarter ended Sept. 30 of $457,000, compared with $405,000 the same period a year ago.

(BU)GENERAL MOTORS` CADILLAC Car Division headquarters will be relocated from Jacksonville to the Barnett Center in West Palm Beach. The company said South Florida`s growth made the location a better one, even though it will continue all of Florida and Georgia.

(BU)LOCKHEED SHIPBUILDING AND CONSTRUCTION CO., which had considered building a Navy hovercraft plant in Jacksonville, has instead chosen Gulfport, Miss., a company spokesman said. Lockheed bought a one-year option for land on Blount Island from the Jacksonville Port Authority last year. Gulfport was chosen over Jacksonville because Lockheed has a ``facility that is already there. We would have had to build one in Jacksonville,`` said Walters.